Entry for Interest receivable & Payable with TDS
This query is : Resolved
Quick Summary
29 March 2011
Please help me!
Mr.A has to give interest of Rs.1000/- and (TDS to be deducted @10%) to Mr.B
What is the journal and payment/receipt entry in the books of both Mr.A and Mr.B
Mr.A has to give interest of Rs.1000/- and (TDS to be deducted @10%) to Mr.B
What is the journal and payment/receipt entry in the books of both Mr.A and Mr.B
29 March 2011
In the books of A :
1. Interest due entry >
Interest A/c Dr. 1000
To B's A/c Cr. 900
To TDS payable Cr. 100
2. Interest pay Entry
B's A/c Dr. 900/-
To Bank Cr. 900/-
3. TDS payment Entry
TDS Payable Dr 100/-
To Bank Cr. 100
1. Interest due entry >
Interest A/c Dr. 1000
To B's A/c Cr. 900
To TDS payable Cr. 100
2. Interest pay Entry
B's A/c Dr. 900/-
To Bank Cr. 900/-
3. TDS payment Entry
TDS Payable Dr 100/-
To Bank Cr. 100
Message likes :
4 times
29 March 2011
In the books of B :
1. Interest receivable >
A's A/c Dr. 1000/-
To Interest A/c Cr. 1000
2. Interest Recd Entry
Bank A/c Dr. 900/-
TDS Recoverable A/c Dr. 100
To A's A/c Cr. 1000/-
1. Interest receivable >
A's A/c Dr. 1000/-
To Interest A/c Cr. 1000
2. Interest Recd Entry
Bank A/c Dr. 900/-
TDS Recoverable A/c Dr. 100
To A's A/c Cr. 1000/-
Message likes :
4 times
29 March 2011
MR A at the time of Interest Credit
1:
Interest Paid on loan Dr
Mr B Cr
2:
Mr B Dr
TDS Payable CR
Mr B
1:
Mr A Dr
Interest Accrued/ receivable Cr
2:
TDS receivable Dr
Mr A Cr.
1:
Interest Paid on loan Dr
Mr B Cr
2:
Mr B Dr
TDS Payable CR
Mr B
1:
Mr A Dr
Interest Accrued/ receivable Cr
2:
TDS receivable Dr
Mr A Cr.
29 March 2011
Thank You Sirs,
Please tell me if Interest A/c above mentioned comes under the head Indirect Income or Liability.
Please tell me if Interest A/c above mentioned comes under the head Indirect Income or Liability.
29 March 2011
Interest Paid--Indirect Exp
Interest received- Indirect Income
Interest Receivable-Current Assets.
Interest received- Indirect Income
Interest Receivable-Current Assets.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- FTS Taxable under 115A
- Management System (IMS)
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
